Tadmax Resources to acquire land for RM36.65 million

Last update: 01/10/2019

KUALA LUMPUR, Oct 1 -- Tadmax Resources Bhd’s unit, Tadmax Coastal Sdn Bhd, plans to acquire a 1.3 hectare leasehold land from Syarikat Perumahan Pegawai Kerajaan Sdn Bhd for RM36.65 million.

In a filing with Bursa Malaysia today, the group said the purchase consideration is based on the price of RM260 per square foot. 

“The proposed acquisition will enable Tadmax to replenish its land bank at the strategic location which offers potential growth.

“This is in line with Tadmax’s aim to further strengthen its foothold in property development and construction and generate long-term sustainable income,” the group said. 

It said the purchase, which will be funded by a combination of bank loans and internally generated funds, is subject to the approvals from authorities, including the Ministry of Economic Affairs.

The land has a lease tenure of 99 years which expires on Oct 19, 2104 and is located along Lingkaran Alam Damai -- approximately 11 kilometres away from the Kuala Lumpur city centre.